December 2, 2021

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USA: Biden taps oil reserves due to high fuel prices

Business Energy crisis

Biden strategically taps oil reserves due to high fuel prices

US President Joe Biden spoke about the economy in a speech on Tuesday and promised to reduce petrol prices

US President Joe Biden spoke about the economy in a speech on Tuesday and promised to reduce petrol prices

Source: AFP / ALEX WONG

Americans are increasingly aware of the global energy crisis in their wallets. US President Joe Biden has now released 50 million barrels of oil from US strategic reserves to cut prices. But for now there is no success.

U.S.US President Biden Joe is tapping into US strategic oil reserves and promising cheap petrol to the people. “Today we are launching a major effort to reduce oil prices – which will spread around the world and eventually reach your corner gas station,” Biden said in Washington on Tuesday.

The White House announced Tuesday that 50 million barrels of 159 liters of oil will be released. The move is in line with similar action agreements with China, India, South Korea, Japan and Great Britain. The United States has the world’s largest emergency oil reserve with 714 million barrels.

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At the same time, Biden jointly held oil and gas companies accountable for high energy costs. Despite the wholesale price drop, Biden said petrol was not cheap at the pumps. Obviously, companies do not pass on the fall in crude oil prices to consumers, but rather reap the difference themselves. It cannot be accepted.

The issuance will not lead to a reduction in pressure on the stock markets

However, there is no real relaxation at the moment. Brent oil prices rose after the announcement that reserves would be reduced. A barrel costs more than $ 80, however, still less than the three-year high of $ 86 reached in October. Analysts and experts do not consider this move to be comprehensive enough to reduce prices on a sustainable basis.

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Many Turks have lost faith in their currency

Those in the United States currently pay an average of about $ 3.40 (about 3 euros) for a gallon (3.785 liters) of regular petrol at the pump. “Higher prices for Americans are largely due to the fact that oil-producing countries and large corporations are not increasing oil supplies quickly enough to meet demand,” Biden said.

Biden’s political opponents, on the other hand, have blamed Biden’s policy on combating climate change for higher energy prices. The president denied this, but acknowledged that his actions would take some time to come to fruition. “But you should see him soon Petrol price Your tank will sink where you fill it up and we will reduce our oil dependence by switching to clean energy for a longer period of time. “

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